Oil Traders Bet on a Reopening Iran Says Isn't Happening

Oil closed at $76.30 a barrel on August 3, with traders betting the key Strait of Hormuz shipping route would reopen. The same day, Iran's spokesman Baghaei said it "remains closed" and won't return to pre-war status. Reuters sees oil averaging $84.50 in 2026 — higher than today's price, especially if Iran holds firm.